Enforcement Directorate had initiated investigation under Prevention of Money Laundering Act,PMLA based on the FIR and charge sheet filed by CBI against the officials of Syndicate Bank and Others.

Investigation revealed that during 2011 to 2016, master mind of the fraud, Bharat Bomb, a Chartered Accountant, in collusion with bank officials of Syndicate Bank had defrauded the bank to the tune of 1055 crore rupees.
Investigations under PMLA, revealed that Bharat Bomb, through his web of fictitious firms, used Proceeds of Crime to acquire M/s. Udaipur Entertainment World Pvt. Ltd and for purchasing of land, for development of projects namely Royal Raj Vilas and Connaught Palace under this company.